A wave of selling pressure has gripped the cryptocurrency market, driving prices lower as macroeconomic concerns rattled investors on March 10. The decline followed comments from U.S. President Donald Trump, who, in a March 8 interview with Fox News, acknowledged that his economic policies might cause temporary disruptions.
Trump further aggravated market stability concerns by making statements about budget cuts along with trade tariffs in reports. The market volatility caused traders to turn away from risky investments, resulting in a major price decrease for digital currencies.
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Crypto Market Takes a Hit Amid Economic Concerns
Bitcoin experienced a severe decrease because its price dropped by 10% throughout the past week while losing most of its recent value climbs. Bitcoin maintains its trading value at $82,527.61 as the market dropped by 2.63% within twenty-four hours, approaching its estimated 2025 low price of $78,000.
The broader cryptocurrency market followed suit, experiencing a 7% decline, bringing its total valuation to $2.8 trillion. The downturn affected major altcoins, with Solana dropping 8%, XRP declining 2.79%, and Ethereum falling 1.21%% to struggle above $2,100. Cardano and Dogecoin also recorded sharp losses, tumbling nearly 3.93% and 5.38%, respectively.
The crypto market experienced $620 million of liquidations, whereas long positions lost $527 million. The heavy pressure on traders with leverage caused Bitcoin to become responsible for $241 million in market liquidations.
The market faced rising investor uncertainty because China announced retaliatory agricultural tariffs on U.S. products on March 4. The new trade policies introduced on March 10 generated concerns about deteriorating international relations and rising marketplace volatility.
The announcement that Trump reserves Bitcoin did not satisfy traders’ expectations. Traders were disappointed because the U.S. government did not include direct purchasing options in its Bitcoin-related decisions.
The financial market remains uncertain because geopolitical issues and national economic regulations strongly impact investor sentiment.
